there is an unknown factor involved, how much is it going to cost to extract the gold? What happens if the spot they pick produces no gold? Look at ABX, they recently came out and said one of their mines in south america would not be ready until 2012 or early 2013 and it would cost several billion dollars more than anticipated. this is an unknown factor that i believe is holding them down.

Gold's been acting "toppy" lately.
Huge move down in equities should have had it going to the moon.
Next week could be the turning point.
I think there are a lot of "nervous nellie" longs in gold....whether it's the physicals, futures, or ETF.

34% of Americans now view gold as the single best investment, which is twice as high as the percentage of Americans who view stocks as the best long-term investment, according to a Gallup poll.
"Gallup asked a similar question from 2002 to 2010, but that question did not include gold. Real estate, savings accounts, and stocks jockeyed for the top spot during that time. Americans' faith in real estate and stocks suffered amid the 2008 economic crisis, but rebounded somewhat in 2010.
What's clear with the benefit of hindsight is that the time to load up on the yellow metal was before it was even listed as a candidate for best long-term investment vehicle, which is a different conversation that whether it's a bubble or has room to run (to $10,000/oz,according to Dr. Marc Faber).